Skipton targeting buy-to-let landlords with 3.09% five-year fix mortgage
Skipton for Intermediaries is looking to boost its buy-to-let lending by offering a 3.09% buy-to-let rate that is fixed until 30 April 2021.
After the fixed rate the mortgage will revert to the lenders standard variable rate, which is currently 5.19%. The overall cost for comparison is 4.9% APR.
There is a £1,995 arrangement fee and the mortgage is available for property purchases. The rate increases by 0.10% if you remortgage but the lender will pay for the property valuation and legal fees.
Aaron Strutt, product manager at Trinity Financial, says: “There are some very competitively priced buy-to-let five-year fixes on the market and a real mixture of arrangement fees. To qualify for Skipton’s fix, you will need a 40% deposit.”
Early repayment charges apply for the first five years and there is a free property valuation. Up to 10% of the original loan can be repaid each year without charge.
The maximum loan size is £750,000 and landlords can have no more than five buy-to-let properties in their portfolio whether held solely or jointly.
For help to secure a buy-to-let mortgage call Trinity on 020 7016 0790.
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